Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.1
Segment Information
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
 
Business segments are generally organized around the Company's business services. The Company's business segments are:
 
•Envestnet Wealth Solutions – a leading provider of unified wealth management software and services to empower financial advisors and institutions.

•Envestnet Data & Analytics – a leading data aggregation and data intelligence platform powering dynamic, cloud-based innovation for digital financial services.
The following table presents a reconciliation from income (loss) from operations by segment to consolidated net income (loss) attributable to Envestnet, Inc.:
  Three Months Ended
  March 31,
  2021 2020
(in thousands)
Envestnet Wealth Solutions $ 34,197  $ 11,340 
Envestnet Data & Analytics 1,289  (4,585)
Nonsegment operating expenses (18,671) (14,372)
Income (loss) from operations 16,815  (7,617)
Other expense, net (7,468) (1,537)
Consolidated income (loss) before income tax benefit 9,347  (9,154)
Income tax benefit (5,588) (1,964)
Consolidated net income (loss) 14,935  (7,190)
Add: Net (income) loss attributable to non-controlling interest 11  (146)
Consolidated net income (loss) attributable to Envestnet, Inc. $ 14,946  $ (7,336)

The information in the above table is derived from the Company’s internal financial reporting used for corporate management purposes. Nonsegment operating expenses may include salary and benefits for certain corporate officers, certain types of professional service expenses and insurance, acquisition related transaction costs, restructuring charges and other non-recurring and/or non-operationally related expenses. Intersegment revenues were not material for the three months ended March 31, 2021 and 2020.
 
See “Note 10—Revenues and Cost of Revenues” for detail of revenues by segment.

Segment assets did not materially change from December 31, 2020.